Toronto Futures Edge Higher as Oil Prices Rebound
Futures tracking Canada's commodity-heavy stock index rose slightly on Tuesday as oil prices rebounded due to uncertainty over the Middle East conflict. The S&P/TSX Composite index September futures were up 0.7% at 06:00 a.m. ET, after domestic markets reopened following a long holiday weekend.
Oil prices had dropped sharply in the previous session, with Brent crude futures falling 7% to a three-week low. However, they rebounded on Tuesday, rising 2.8%, while West Texas Intermediate Crude gained 2.4%. The uncertainty over the Middle East conflict and disruptions to energy flows through key shipping routes continued to drive prices higher.
Gold prices remained steady at $4,048.84 per ounce, with investors weighing mixed signals from the U.S. Federal Reserve's interest-rate path and monitoring ongoing developments in the Middle East. Meanwhile, copper prices advanced due to falling inventories, and silver gained 0.9%.